IRS: Cheapest Obamacare plan will cost $20,000 for a family of four in 2016

[Little-Acorn]

You voted for it.

It gets worse. Leftists are shrilling that it won't actually cost that much since government subsidies will be available for some families.

They carefully don't mention that this means that OTHER families must pay not only their full cost of $20,000, but part of the original family's expenses on top of it.

Obamacare has always been merely a wealth-redistribution scheme. That sounded fine to the Democrats who looked forward to getting the wealth of others.

But now that it's THEIR wealth getting "redistributed" away from them, they are shocked, shocked to find what the real costs are.

---------------------------------------------

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family | CNS News

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

January 31, 2013 - 1:45 PM
By Matt Cover

(CNSNews.com) – In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.

Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The IRS's assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.

Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.

 

[PaintMyHouse]

You voted for it.

It gets worse. Leftists are shrilling that it won't actually cost that much since government subsidies will be available for some families.

They carefully don't mention that this means that OTHER families must pay not only their full cost of $20,000, but part of the original family's expenses on top of it.

Obamacare has always been merely a wealth-redistribution scheme. That sounded fine to the Democrats who looked forward to getting the wealth of others.

But now that it's THEIR wealth getting "redistributed" away from them, they are shocked, shocked to find what the real costs are.

---------------------------------------------

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family | CNS News

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

January 31, 2013 - 1:45 PM
By Matt Cover

(CNSNews.com) – In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.

Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The IRS's assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.

Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.

Read it for yourself. The $20,000 is an Example for how to do the taxes.
http://www.irs.gov/PUP/newsroom/REG-148500-12 FR.pdf

 

[g5000]

You idiots. The $20,000 figure is from an example. The examples explain how to figure out if you are eligible for a subsidy or if the cost of your employer health plan is too high in relation to your income.

 

[g5000]

Example 3. Family without minimum essential coverage. (i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.

(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 - $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of
$173.75 ($2,085/12) or $200 ($2,400/12)).

The examples had to use numbers to explain the math. The $20,000 is not a statement of fact, it is an illustrative example.

The idiocy of the OP is akin to taking this example and claiming the IRS said a family of 5 in 2016 would be earning $120,000.

 

[RDD_1210]

What is more likely to happen?

The OP comes back and apologizes for posting misinformation.

OR

More rubes post in agreement with the OP.

 

[BlindBoo]

If only we could tax stupid..........

 

[Zander]

This is so simple anyone can understand it.

"(i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.

"(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 - $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).

"(iii) The sum of the monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under paragraph (a) of this section, the shared responsibility payment imposed on H and J for 2016 is $2,400 (the lesser of $2,400 or $20,000).”
- See more at: IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family | CNS News

 

[g5000]

This is so simple anyone can understand it.

Apparently some people are too stupid to understand it, as the OP plainly demonstrates.

For those people, there is H&R Block.